Economy

Fed’s Bullard says ‘biggest growth quarter of all time’ will lift inflation

James Bullard Olivia Michael | CNBC St. Louis Federal Reserve President James Bullard offered an optimistic look on the U.S. economy, with “off the charts” growth that will help lift inflation. Bullard also said he sees the unemployment rate falling to 6.5% by the end of the year, an estimate well below the median projection […]

Economy

The problem with the U.S. economy is there are too many poor people

A Kelly Center for Hunger Relief volunteer sorts through food for distribution as residents in vehicles wait in line at a church in El Paso, Texas, on July 17. Joel Angel Juarez/Bloomberg via Getty Images Are you in the top 1%, 5% or 10% of the U.S. income and wealth scale? If you are, congratulations […]

Economy

U.S. weekly jobless claims total 860,000, vs 875,000 expected

First-time claims for unemployment insurance beat Wall Street estimates last week as the U.S. economy enters a critical new stage. Filings totaled 860,000 for the week ended Sept. 12, the Labor Department reported Thursday. Economists surveyed by Dow Jones had expected 875,000, against the previous week’s upwardly revised 893,000. The number represents a modest downshift […]

Economy

Housing starts August 2020

U.S. homebuilding fell in August after strong gains in the prior three months, but the housing market remains supported by record-low interest rates and demand for properties in the suburbs and low-density areas as many people work from home. Housing starts dropped 5.1% to a seasonally adjusted annual rate of 1.416 million units last month, […]

Economy

Fed leaves rates unchanged – Three experts on what that means

The Fed left rates unchanged in its last meeting before the 2020 presidential election in November. It also indicated rates were unlikely to rise until at least 2023. Three experts weigh in on what the Fed decision means. David Kelly, chief global strategist at JPMorgan Asset Management, said this is unprecedented stimulus.  “I don’t think […]

Economy

Fed decision September 2020: Interest rates unchanged

The Federal Reserve kept its pledge to keep interest rates anchored near zero and promised to keep rates there until inflation rises consistently. As the central bank concluded its two-day policy meeting Wednesday, it said short-term rates would remain targeted at 0%-0.25%. Officials also changed their economic forecasts to reflect a smaller decline in GDP […]

Economy

The Fed could placate markets with promise of low rates for years

Federal Reserve Chairman Jerome Powell, wearing a face mask, testifies before the House of Representatives Financial Services Committee during a hearing on oversight of the Treasury Department and Federal Reserve response to the outbreak of the coronavirus disease (COVID-19), on Capitol Hill in Washington, U.S., June 30, 2020. Tasos Katopodis | Reuters The Federal Reserve […]

Economy

U.S. retail sales August 2020

U.S. consumer spending appeared to slow in August as extended unemployment benefits were cut for millions of Americans, offering more evidence that the economic recovery from the Covid-19 recession was faltering. Core retail sales, which correspond most closely with the consumer spending component of gross domestic product, fell 0.1% last month after a downwardly revised […]

Economy

Mortgage demand fell last week as interest rates stalled

With no major move in mortgage rates, there was no sudden incentive to refinance a home loan last week, so fewer people did. That drove overall mortgage application volume down 2.5% from the previous week, according to the Mortgage Bankers Association. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of […]

Economy

Import export prices August 2020

An aerial view of oil tankers anchored near the ports of Long Beach and Los Angeles amid the coronavirus pandemic on April 28, 2020 off the coast of Long Beach, California. Mario Tama | Getty Images U.S. import prices increased more than expected in August and gains in the prior month were revised sharply higher, […]